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Local News
Scotia Named Caribbean’s Best Bank For 2025 By ‘Global Finance’
Scotiabank has been named the Caribbean’s Best Bank for 2025 by Global Finance, earning several individual country awards, including for Trinidad and Tobago. New York-based Global Finance magazine selects the world’s top financial institutions each year and is widely regarded as a trusted benchmark of excellence.
Unilever Gets New MD
Unilever Caribbean Limited (UCL) has announced the appointment of Ginelle Lambie as the managing director of the company, effective May 14, 2025. Lambie joined UCL, which is listed on the T&T Stock Exchange, in April 2023 in the role of national finance manager. Before joining the company, she served as the chief financial officer at Angostura Holdings Ltd between December 11, 2017 and March 25, 2023.
UTC Profit Falls 67%
The Trinidad and Tobago Unit Trust Corporation reported a 67% drop in net profit for 2024, falling from $57 million in 2023 to $19 million last year. However, executive director Nigel Edwards said yesterday that the drop was no cause for concern, stating it was a ‘deliberate choice’ to increase distributions to investors.
CSO: Inflation Rises To 1.5% In April
Trinidad and Tobago’s annual inflation rate rose by one percentage point to 1.5% in April, up from 0.5% in the same month last year, according to data released by the Central Statistical Office (CSO) yesterday.
T&T Seeks To Reclaim Regional Energy Role
Reflecting on past policy missteps of the previous administration, Minister of Energy Dr Roodal Moonilal disclosed that Trinidad and Tobago had once voluntarily walked away from a near-certain energy infrastructure contract in Guyana-not due to failure, but by choice.
InterCaribbean To Start T&T Route By November
InterCaribbean Airways CEO Trevor Sadler has confirmed the airline will finally begin service to T&T between October and November. Speaking to Guardian Media at the Caribbean Travel Marketplace forum here yesterday, Sadler said the airline had been holding off on entry into Trinidad because it had to close off a couple of administrative things on their side.
Tax Amnesty Extended Again
In a release yesterday, the Ministry of Finance advised that there had been an extension of the Tax and National Insurance Amnesty to August 2, 2025. The release said, “The Minister of Finance, the Honourable Davendranath Tancoo wishes to advise that the Tax and National Insurance Amnesty introduced by the Finance Act, 2024 (with effect from October 1, 2024, to December 31, 2024) has been extended to August 2, 2025.”
ANSA McAL CEO: Suspending Dividend Will Drive Future Growth
ANSA McAL Group CEO, Anthony Sabga III, says he has absolutely no regrets at the group’s decision to suspend its dividends for three years in order to reallocate capital to fund future acquisitions, as well as continue investing in technology and automation to drive efficiencies and optimise supply chains.
Govt Distributes Guyanese Rice Seeds
Over $2 million worth of high-yield rice seeds were distributed to local farmers yesterday as part of the Government’s efforts to revitalise this country’s rice industry. It is a project that began under former minister Kazim Hosein and is now gaining momentum under Minister of Agriculture, Land and Fisheries, Ravi Ratiram.
Regional News
Jamaica: Food Production, Events To Lead Growth In April Quarter
Jamaica’s economy is expected to register continued growth when the curtain closes on the current April to June quarter, owing to stronger output across a number of key industries. The projection by the Planning Institute of Jamaica (PIOJ) is for growth to take place within the range of 0.5 per cent–1.5 per cent, supported by increased outturns from mostly the agriculture, tourism and construction industries.
Guyana To Unveil Blueprint For Economic Expansion
Jagdeo announces, says ambitious goals will target homeownership, improvement of all aspects of citizens’ lives. In keeping with a policy of inclusive national celebrations, President, Dr Irfaan Ali will address the nation from Albion, Region Six, as Guyana commemorates 59 years of independence on Monday.
Jamaica Sees Small Impact Of US Tariffs
The Bank of Jamaica (BOJ) Monetary Policy Committee (MPC) projects that the initial impact of rising US tariffs on prices in Jamaica will be minimal. “In assessing the near-term outlook, the Monetary Policy Committee contemplated the implications for the Jamaican economy of the policies that have been implemented by the US administration, to date, and in so doing looked at several scenarios. From this exercise, the Bank’s view is that the firstround impact of the increase in US tariffs on prices in Jamaica will not be significant,” BOJ governor, Richard Byles, said.
Record Drop In Poverty
Jamaica saw a historic drop in poverty in 2023, with both general and food poverty rates falling by more than half — marking the lowest levels recorded since official tracking began in 1989.
Linden To Lead Guyana’s Clean Energy Transition With Largest Solar Farm
In a major leap towards a sustainable energy future, the town of Linden is set to become the national leader in renewable energy development following the official signing of the Engineering, Procurement, and Construction (EPC) contract for a 15-megawatt (MW) solar farm under the Guyana Utility Scale Solar Photovoltaic (GUYSOL) programme.
Petrojam Lands US$90M Deal With T&T
The Jamaica government says the contract to provide Trinidad and Tobago with both high-sulphur and very low sulphur fuel oil is strengthening the Stateowned Petrojam’s energy trade position in the region.
GK Financial Makes Another Extension For Key Insurance Takeover
GraceKennedy Financial Group Limited (GKFG) has extended its $403.71-million takeover bid for its general insurance subsidiary Key Insurance Company Limited for a second time in two months.
B’Dos: BNA, NUPW Push Back Against QEH Nurse Staffing Claims
Assurances from the Queen Elizabeth Hospital (QEH) that nurse staffing levels are adequate are being strongly challenged by both the National Union of Public Workers (NUPW) and the Barbados Nurses Association (BNA), who warn that these healthcare providers are suffering stress and burnout.
Jamaica Exporters Stand Firm
Exporters have rejected calls from US distributors to absorb the full cost of the 10 per cent tariff imposed on a wide range of Jamaican products entering the American market; but concerns are now shifting to how the added price pressure could impact sales and market share in the United States — one of their most important export destination.
International News
Traders Wager $10 Billion On Chevron-Hess Deal Beating Exxon Case
Merger-arbitrage funds’ biggest wager of the year faces a crucial test in the coming days, as a private arbitration panel begins hearing Exxon Mobil Corp.’s (XOM) challenge to Chevron Corp.’s (CVX) $53 billion takeover of Hess Corp. (HES).
Nvidia Earnings In Focus As Rising US Yields, Debt Rattle Markets
An earnings report from semiconductor giant and artificial intelligence bellwether Nvidia takes center stage for Wall Street in the coming week, as stocks hit a speed bump of worries over federal deficits driving up Treasury yields.
US Tariff Countdown Has Nations Racing To Turn Talks Into Deals
Halfway through President Donald Trump’s 90-day freeze on his so-called reciprocal tariffs, a persistent gripe from businesses, consumers and governments facing them is severe uncertainty. The next 45 days may not provide much relief from the fog.
Dow Futures Tumble 600 Points As Trump threatens New Tariffs Against The EU And Apple
Stock futures declined early Friday after President Donald Trump ramped up his trade fight again, slapping a tariff on Apple for foreign-made iPhones and recommending new stiffer duties on the European Union.
Bitcoin Rally Takes Largest Token Past $111,000 For First Time
Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump’s administration.
China’s BYD Outsells Tesla In Europe For First Time
Chinese automaker BYD (BYDDY, 1211.HK) sold more electric vehicles in Europe than Tesla (TSLA) for the first time, according to a report by JATO Dynamics, as an aging model lineup and CEO Elon Musk’s politics hurt demand for the US carmaker’s EVs.
Canada’s TD Bank Tops Profit Estimates On Trading, Underwriting Gains
Canada’s second largest lender TD Bank on Thursday reported better-than-expected quarterly earnings driven by growth at its capital market business, as a volatile environment boosted trading activity.
AT&T Buys Lumen’s Consumer Fiber Business For $5.75B
AT&T Inc. agreed to buy the consumer fiber operations of Lumen Technologies Inc. for $5.75 billion, expanding its fast broadband service in major cities like Denver and Las Vegas.
Dow Futures Fall 140 Points As Yields Continue March Higher On Costly Tax Bill
Stocks were set to add to their losses for the week on Thursday after U.S. lawmakers passed a bill that investors fear could worsen the U.S. deficit. The 30-year Treasury yield hit its highest since October 2023 as the bill advanced to the Senate.
Reports
US Federal Funds Target Rate – May 2025
On May 07, 2025, the Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 4.25% to 4.50%. The annual inflation rate in the US eased for a second consecutive month to 2.4% in March 2025, the lowest since September, down from 2.8% in February.
Offshore Series Factsheets – March 2025
Pelagic Series Factsheets – March 2025
Earnings News – March 2025
In March, Scotiabank Trinidad and Tobago Limited (SBTT) reported a TT$2 million or 1% increase in f irst-quarter profit due to strong growth in total revenue, which can be attributed to higher interest earnings from the group’s interest-bearing assets. Joining SBTT, ANSA Merchant Bank (AMBL) delivered a positive performance, recording a rise in operating income and profit for the year, despite lower before tax profits, and thanks to a reduction in taxation expenses.
US Federal Funds Target Rate – March 2025
On March 19, 2025, the Federal Open Market Committee (FOMC) announced its decision to keep the target range for the federal funds rate at 4.25% to 4.50%. However, officials at the central bank still anticipate cutting the fed funds rate 0.5%, to a range of 3.75% to 4%, by the end of 2025.
Earnings News – February 2025
In February, Massy Holdings (MASSY) grew, helped by a 6% uplift in Revenue and a 2% rise in Profit After Tax. This increase was driven by the robust performance of the Group’s various portfolios and was accompanied by an improvement in its cash position.
Earnings News – January 2025
US Federal Funds Target Rate – January 2025
On January 29th, 2025, the decision was made by the Federal Open Market Committee (FOMC) to maintain its target range for the federal funds rate at 4.25%-4.50%. This interest rate decision was informed by the Fed’s dual mandate to foster full employment and keep prices low and stable.
Local Equity Market Overview – 4Q 2024
Locally, indicators of economic activity were somewhat positive, with growth in the non-energy sector partially offsetting declines in energy sector, which faced challenges due to constraints in natural gas availability.